How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Buachaill Your Own Question
Buachaill
Buachaill, Barrister
Category: Republic of Ireland Law
Satisfied Customers: 10534
Experience:  Barrister 17 years experience
53108719
Type Your Republic of Ireland Law Question Here...
Buachaill is online now

legal way to transfer my home mortgage/loan to a different

Resolved Question:

legal way to transfer my home mortgage/loan to a different house to reduce my mortgage payments to ebs.
Submitted: 3 years ago.
Category: Republic of Ireland Law
Expert:  Buachaill replied 3 years ago.

Buachaill :

1. At the outset, you need to realise that ther eis no legally enforceable right to allow a borrower to downsize their house and force the lender to accept a smaller house as security for the loan instead. There is a legal right to transfer your mortgage to a different mortgage provider who might be willing to accept the new smaller house as security for the loan. But there is no mechanism in Irish law to force EBS to lend to you on the basis of a smaller house. In essence, they are entitled to have their loan repaid from the sale of your house. Then it would be up to you to obtain financing for the purchase of a new smaller house from whoever you could get funding from.

Buachaill and other Republic of Ireland Law Specialists are ready to help you

Related Republic of Ireland Law Questions